https://www.taxtmi.com/caselaws?id=247949 The Tribunal confirmed the demand for wrongly availed CENVAT credit and interest thereon, while setting aside the penalty imposed under Section 80 of the Finance Act 1994. The appellant rectified the oversight by reversing the credit related to trading activity, leading to acknowledgment of compliance by the Tribunal. Despite arguments for no liability due to unutilized credit surplus, interest payment was upheld based on legal precedent. The Tribunal exercised leniency due to the appellant's prompt corrective actions, waiving the penalty in consideration of the circumstances. en-us Mon, 02 Dec 2013 00:00:00 +0530 Tue, 27 May 2014 18:01:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247949 The Tribunal confirmed the demand for wrongly availed CENVAT credit and interest thereon, while setting aside the penalty imposed under Section 80 of the Finance Act 1994. The appellant rectified the oversight by reversing the credit related to trading activity, leading to acknowledgment of compliance by the Tribunal. Despite arguments for no liability due to unutilized credit surplus, interest payment was upheld based on legal precedent. The Tribunal exercised leniency due to the appellant's prompt corrective actions, waiving the penalty in consideration of the circumstances. Case-Laws Service Tax Mon, 02 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247949